I am an Article in a mid sized firm. I have been recently given a concurrent Audit assignment of OBC's branch. I have question regarding KYC form cheching.
As per the checklist we are following since one year for KYC checking apart from other items includes:
1. Mode of Operation- Is it mandatory to be filled?
2.Nomination details- Is it mandatory to be filled?
3.Pan No. or Form 60/61- for minors or for low income individuals(<50,000) should they give declaration in Form 60/61 mandatorily?
However i have found many Account opening forms not filled properly on above points.
While surfing on internet I could not get any information on points 1 &2 that it is mandatory and regarding point 3 it is mandatory to quote pan for opening a bank A/c but again we can give declaration in form 60/61 if pan is not available. That is what I could get.
Please guide me on above points.
CAclubindia
